Democratic Assemblyman Jim Beall says he had some inspiration when he introduced the bill to create a pre-paid tuition program in California:
“I have a 3 year old step grandson that my wife and I are talking about setting up a fund for.”
Here’s how it would work: A parent - or someone else – could register a child – and anyone could buy “units” at today’s prices. 100 units would equal one year of tuition at a UC school in the future. But it could be used – at almost any school.
“Having a hope that you can get to college and it can be affordable, and that you can achieve it if you just penny by penny, nickel by nickel save money to go to college over time, I think it makes the reality come to them a lot quicker.”
Beall says the program would be self-sustaining, but critics argue the state might be forced to bail it out if it’s not solvent.